Global Gas Engine Market

The global gas engine market is anticipated to grow with a CAGR of 4.9% over the forecast period, i.e., 2023-2035. Factors such as the shift towards cleaner and more sustainable energy sources to reduce greenhouse gas emissions and address environmental concerns, increasing consumption of renewable energy sources, such as solar and wind, and availability and price stability of natural gas are projected to drive the market's expansion in the upcoming years. Further, the growing trend towards decentralized power generation, especially in remote areas and industrial facilities is anticipated to accelerate the growth of the market in the coming years. The market is estimated to garner a revenue of near to USD 7.98 billion by the end of 2035, up from a revenue of about USD 4.29 billion in the year 2022.

By segmentation, the market for gas engine is segmented by product fuel type, power output, application, and end users. On the basis of power output into Up to 100 kW, 100-300 kW, 300-500 kW, and more than 500 kW. Out of these segments, the more than 500 kW segment is expected to grow at a highest CAGR of 5.1% over the forecast period. The growth could be owing to the rising need for extensive district cooling and heating infrastructure in hospitals, and other commercial sector.

On the basis of region, the global gas engine market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. By the end of 2035, it is predicted that the Asia Pacific market will have the highest revenue of around USD 3.44 billion out of all the markets in the other areas. Moreover, in the year 2022, the market in the region generated a revenue of nearly USD 1.77 billion. The abundance of natural gas reserves across Asian countries, including China, India, Malaysia, and Indonesia; supportive regulatory frameworks; and increasing energy demand due to rapid urbanization, industrialization, and population create a favorable market landscape for the adoption and expansion of gas engines in the region.

Some of the prominent industry leaders in the gas engine market that are included in our report are Caterpillar Energy Solutions GmbH, HHI Engine & Machinery, Cummins Inc., Liebherr Group, International Society of Baudouin Motors, R Schmitt Enertec, Kawasaki Heavy Industries, Ltd., Doosan Corporation, Mitsubishi Heavy Industries, Ltd, DEUTZ AG, INNIO, Guascor Energy, Power Solutions International, Inc., General Holdings Inc.